[ARCHIVED] Harbor Garage Redevelopment | 70 East India Row | Waterfront | Downtown

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Re: The Boston Arch (Aquarium parking garage)

today went out on Codzillar!
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Re: The Boston Arch (Aquarium parking garage)

^^^ The Arch would appear to block a view of the old Custom House from much of the harbor.
 
Re: The Boston Arch (Aquarium parking garage)

stellarfun said:
^^^ The Arch would appear to block a view of the old Custom House from much of the harbor.
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It depends which view your looking from? Thats like saying IP is blocking the view of the city. Anything built always distorts views.

I also thought Chiofaro was going to get rid of the arch?
 
Re: The Boston Arch (Aquarium parking garage)

Chiofaro should make a play for this garage could answer some problems with parking.

http://www.bizjournals.com/boston/r...l_garage_gets_prepd_for_possible_auction.html

Boston garage audited ahead of possible sale

The ownership saga weighing on the Intercontinental Boston hotel?s parking garage appears to be nearing a resolution, as the property is slated to be auctioned once an audit of its overnight receipts is complete, according to new filings.

Calls to the garage?s owner, Extell Development Co. in New York, were not returned Tuesday. The garage?s operator, Icon Parking of New York, declined to comment and referred all ownership-related calls to Extell.

Extell defaulted on the $17 million loan backing the garage, which abuts the high-end Intercontinental Boston hotel and condo development, earlier this year and has struggled to meet its monthly debt-service payment of around $150,000 ever since. To be sure, the developer has tapped roughly $600,000 in cash reserves to contribute to its scheduled lease payments.

The $17 million debt load was originated in 2006 by an affiliate of Deutsche Bank and transferred last year to JE Robert Cos., a special servicer, once the possibility of default arose.

The loan, which was later packaged into a portfolio of commercial mortgage-backed securities and sold off to investors, was extended in Nov. 2006. At that time, the garage commanded an appraised value of $26.3 million, according to filings. The property was reappraised for half that amount, some $13.4 million, in October 2009.

In an August note to investors, JE Robert said it had hired a receiver to potential sell the property. However, that auction remained on the back burner until hired consultants completed a review of the garage?s overnight parking charges.

JE Robert said the audit was intended to ensure ?actual charges were in accordance with the lease terms,? according to its notes.

Once the audit is completed, a third-party broker will be hired to market the property, JE Robert said.


Read more: Boston garage audited ahead of possible sale - Boston Business Journal
 
Re: The Boston Arch (Aquarium parking garage)

Boston Phoenix (really? huh.) - September 15, 2010
Please, Mayor Menino, talk to Chiofaro
You promised. There is too much at stake not to do so.
By EDITORIAL | September 15, 2010

When Boston Mayor Thomas Menino took his oath of office for an unprecedented fifth term this past January, he made a promise that raised many eyebrows.

Menino pledged to look upon old problems with new eyes and remain flexible in dealing with innovation and projects without precedent.

The mayor, always a focused individual not known for his magnanimity when displeased, promised to keep an open mind as Boston moves to wrestle with the biggest challenges it faces in a generation.

The Phoenix applauded Menino?s new spirit ? and took a bit of gentle ribbing from cynics who thought the mayor?s words were all sizzle and no steak.

No one can accuse Menino of being open-minded in his consideration of developer Don Chiofaro?s plans to build two towers on the Boston Harbor front by the Rose Kennedy Greenway. The towers would rise on a lot now occupied by a parking garage, which Chiofaro purchased almost three years ago for a reported $155 million.

The truth is, not only will Menino not consider the project, but after months of public wrangling via the press, he still declines to meet with Chiofaro.

To be very clear, Chiofaro has been lobbying the Phoenix hard for months, trying to sell this paper on the merits of his proposal.

And although we first greeted the idea with skepticism, over time we?ve seen some of the potential objections, such as Port Authority consent needed for airport fly ways, melt away.

This is not to say that Chiofaro?s proposal as it now stands should be approved. It?s not perfect. But it has merit. It should be considered.

We discussed the plans with several architects with no ties to either the mayor or the developer and all said that they thought the central idea of towers not exceeding 400 feet was workable. Chiofaro?s plans, they said, were rough, but certainly ready for refinement.

The concern, on the mayor?s part, seems to be that towers will ruin the Kennedy Greenway.

Many architects disagree. They say that what the Greenway ? now full of grass and little else ? needs is foot traffic, people, congestion. Urban mass is the key to the Greenway succeeding.

A potentially signature urban project is being held hostage by what is an essentially a suburban idea of development.

And then there is the issue of personality conflict, the clash of egos, Menino versus Chiofaro.

Chiofaro has so far done things by the book, beginning work with the Boston Redevelopment Authority. But he is, of course, no dummy. He should know that the mayor likes to deal with these things personally, and before they are made public. Whether that?s good public policy or good management practice seems to be irrelevant.

In many back rooms and board rooms around the city, there is a sense that maybe these two guys deserve each other.

That, however, should not be the point.

Chiofaro?s plans have the potential for huge economic impact.

It is important to note that this is a $1 billion-plus development, and Chiofaro is asking for neither tax breaks nor subsidies.

If built, Chiofaro estimates the towers would provide 4000 construction jobs and 3800 permanent jobs. They would provide the city with $19 million in annual taxes and a one-time linkage fee of $13 million. Massachusetts would stand to garner $2 million in hotel taxes and $20 million in income taxes each year. In addition, Chiofaro has offered the city $50 million for neighborhood improvements ? to either the harbor front or the Greenway.

With the city facing several years of squeezed revenues, which will hit libraries, schools, parks, and public safety hard, it is difficult to understand how a prudent official can not at least talk.

We know the mayor has more on his mind than worrying about what this newspaper wrote about him nine months ago.

But many voters took Menino at his word when he said he had turned over a new leaf in the listening department.

Come next winter and spring, the city will most likely be facing another season of austerity. Menino should be moving now to deal with that. And consideration of the Chiofaro project should be part of his thinking.

Chiofaro is expected to release another draft of his plans some time in the next week or so, reflecting feedback from a number of sources, That would be a perfect opportunity for Menino to allow a sit-down.

We have seen the mayor at the top of his development game, as he invested himself directly in moving an often-stalled process forward in the Fenway, where the Phoenix has been headquartered for almost 25 years, for the good of everyone ? the neighborhood, the developers, and the city as a whole. It is time to get Boston moving again, and we believe that together Menino and Chiofaro can jumpstart the improvement of the Kennedy Greenway for the benefit of all.
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Re: The Boston Arch (Aquarium parking garage)

"If built, Chiofaro estimates the towers would provide 4000 construction jobs and 3800 permanent jobs. They would provide the city with $19 million in annual taxes and a one-time linkage fee of $13 million. Massachusetts would stand to garner $2 million in hotel taxes and $20 million in income taxes each year. In addition, Chiofaro has offered the city $50 million for neighborhood improvements ? to either the harbor front or the Greenway."

4000 Construction Jobs is an exageration

19 million in annual taxes, I am sure this is calcuated based on everything being fully occupied, if not fully occupied the building's taxes would be reduced.

Massachusetts would stand to garner $2 million in hotel taxes : I would imagine this is based upon hotel portion being occupied 100% 365 days per year.

$20 million in income taxes each year: Anyone know how this figure is calculated?
 
Re: The Boston Arch (Aquarium parking garage)

Even if you drop the tax revenue estimates by a good margin, you've still got a ton of money coming into the city's coffers. And unlike Menino's friends at Liberty Mutual, Chiofaro isn't asking taxpayers for a dime.
 
Re: The Boston Arch (Aquarium parking garage)

19 million in annual taxes, I am sure this is calcuated based on everything being fully occupied, if not fully occupied the building's taxes would be reduced.
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Does assessed value have anything to do with occupancy? I thought it was based on comparables.
 
Re: The Boston Arch (Aquarium parking garage)

^^Yes, absolutely - remember a few years back when Don tried to get the assessed value of IP slashed?

All of those numbers that Don's PR guy fed the Phoenix are inflated - 3,800 permanent jobs "created"? Really? Last time I checked, speculative office buildings don't create permanent jobs at all - as tenants move in, they don't create new jobs - if a tenant moves from IP to the same amount of space in Don's other project, has a single new job been created? Don't think so.

I still don't get why Don is playing the same tired old "me vs. the Mayor" nonsense over and over again - hasn't worked yet in the 3 years since Pru bought the garage -- one day he says to the press he wants to "kiss and make up," then the next day he's back at it again, hammering away as if it's going to help his project any.
 
Re: The Boston Arch (Aquarium parking garage)

greenwayguy1982 said:
^^Yes, absolutely - remember a few years back when Don tried to get the assessed value of IP slashed?

All of those numbers that Don's PR guy fed the Phoenix are inflated - 3,800 permanent jobs "created"? Really? Last time I checked, speculative office buildings don't create permanent jobs at all - as tenants move in, they don't create new jobs - if a tenant moves from IP to the same amount of space in Don's other project, has a single new job been created? Don't think so.

I still don't get why Don is playing the same tired old "me vs. the Mayor" nonsense over and over again - hasn't worked yet in the 3 years since Pru bought the garage -- one day he says to the press he wants to "kiss and make up," then the next day he's back at it again, hammering away as if it's going to help his project any.
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Well....maybe if the Mayor would agree to discuss terms with Don, he wouldn't be constantly barking.

Also, tenants moving in does create jobs, especially if the tenant moving in is expanding a branch into Boston which requires local employees. Other new jobs include maintenance, engineers, security guards, janitors, chefs, and etc. In addition, if the tenants are indeed coming from a different city or part of an expansion jobs are created not within the confines of the building itself, but in other companies. For example, a new tenant will constantly need papers, new computers, printers, and other electrical equipment, new furnishing, catering, light bulbs, trucks for delivery, increase mail delivery, etc. This creates jobs in each respective industry.
 
Re: The Boston Arch (Aquarium parking garage)

^^
Except that many tenants move because they need less space and shed jobs. All I'm saying is that spec office buildings don't create jobs. They might cannibalize other office buildings in town of their tenants, but they don't create jobs, other than a handful of building management/security folks.

And why would Don think that continuing to "bark" (I like your use of the word) would make it any more likely that City Hall would take him seriously? Why wouldn't he just spend the time and money it would take to respond formally to the BRA's Scoping Determination as a better way of gaining credibility, just like every single other developer in town would do?
 
Re: The Boston Arch (Aquarium parking garage)

For the record I'm kind of ambivalent about this project. (I'd like to something replace the garage but Don's proposal, as it stands, is...not so good)

But the bigger point is that the mayor getting into personal feuds with local businessmen who control key tracts of land is probably not in the best interest of the city.

And "he started it" is not a valid excuse.
 
Re: The Boston Arch (Aquarium parking garage)

greenwayguy1982 said:
^^
Except that many tenants move because they need less space and shed jobs. All I'm saying is that spec office buildings don't create jobs. They might cannibalize other office buildings in town of their tenants, but they don't create jobs, other than a handful of building management/security folks.

And why would Don think that continuing to "bark" (I like your use of the word) would make it any more likely that City Hall would take him seriously? Why wouldn't he just spend the time and money it would take to respond formally to the BRA's Scoping Determination as a better way of gaining credibility, just like every single other developer in town would do?
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If you really believe what you wrote then you should be protesting over the 60 Million dollar tax break for the Liberty Mutual Project or the 10 Million dollar loan for the W-Hotel which is now in Bankruptcy.


Why would Chiofaro move forward when Menino has already killed the project to a 200ft stump. Chiofaro has already stated that he can't build anything below 500ft that makes sense in the numbers.

The project is dead unless Chiofaro can make the numbers work under 200ft which is impossible since it will cost 170Million to put the garage underground.
 
Re: The Boston Arch (Aquarium parking garage)

greenwayguy1982 said:
^^
Except that many tenants move because they need less space and shed jobs. All I'm saying is that spec office buildings don't create jobs. They might cannibalize other office buildings in town of their tenants, but they don't create jobs, other than a handful of building management/security folks.

And why would Don think that continuing to "bark" (I like your use of the word) would make it any more likely that City Hall would take him seriously? Why wouldn't he just spend the time and money it would take to respond formally to the BRA's Scoping Determination as a better way of gaining credibility, just like every single other developer in town would do?
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That's true. However, trying to settle this through diplomacy is the first step. Like Rifleman says, without any discussion, why would Chiofaro change anything since all he has is a 200ft limit to work with (unfeasible)? Why would any tenant line up knowing that nothing will be developed. Everything will be speculative until something is set. If anything, having Don and Menino working this out and setting preliminary sizes gives prospective tenants an idea on what they are looking at and whether it can accomodate them. Right now the ball IS in Menino's court. Don has requested for a negotiation. It is Menino's decision to respond or not. (so far he is sticking to the latter)
 
Re: The Boston Arch (Aquarium parking garage)

Unfortunately the ball is in Menino's court, when he shouldn't even be on the playground. The ball should be in the BRA's court, and Don C. should be wrangling out the details with them, without any external pressures on the Board to maintain what the "boss" wants.

Don (Pru) owns the property and should be able to develop it as he sees fit, within the rules. The rules are ridiculous and everyone knows this, which is why there are (2) 400 foot buildings right next to this that break every existing rule. The rules are now being reinforced by a new set of guidelines designed to "protect" and enhance the grassy median across the street.

I like the "idea" of the proposed designs thrown out there by Don, but none of them is a certified winner. I think a winning design could happen after the height and use of that building is determined. He's not going to sink too much money into a high end design and associated renderings/models until he knows he can move forward. Hopefully we don't get stuck with another (2) 400 footers right next to the existing 2, to continue the Boston plateau. But a 200 foot box in this location would be brutal.
 
Re: The Boston Arch (Aquarium parking garage)

How about this:

Do you guys think castles are architecturally beautiful? Don should build a 200' castle, it'll make both you (big box haters) and the NIMBYs happy.
 
Re: The Boston Arch (Aquarium parking garage)

Despite the fact that the garage is an eyesore, I'd rather it sat there until there was a new administration, a new developer, and a new BRA director.

The site is stellar and should host a project far greater in caliber than could be conceived with the current cast of characters.

As many of you know, I feel this way about the entire Downtown along the Channel, the Seaport and Fort Point. The land's potential has been disgraced by the mediocrity of the projects as proposed, as approved and as built.
 
Re: The Boston Arch (Aquarium parking garage)

Sicilian said:
Despite the fact that the garage is an eyesore, I'd rather it sat there until there was a new administration, a new developer, and a new BRA director.
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Well if the economy keeps sucking then this might happen.
 
Re: The Boston Arch (Aquarium parking garage)

The 4,000 construction jobs are probably job years, not the number of workers working on the site at any particular time. 4,000 job years x $75,000 a year would be $300 million. Could be within the ball park.

The property taxes seem inflated. Chiofaro's annual tax bill for IP is $10 million. I doubt the Arch would double that.

The income tax amount seems mostly predicated on the wage income of those who would be working in the commercial space. For these to be counted, they would have to be taxpayers not previously paying income tax in Massachusetts. At the Massachusetts tax rate, that's about $350 million in taxable income, or probably close to $500 million in gross income for these new and very rich taxpayers working or living in the Arch. So the income tax number is bogus.

On the hotel tax, 200 rooms rented at $300 a night for 360 nights and a 12% city and state hotel tax would get him to around $2 million in total revenue for the state and city..
 
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